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2975 Sacramento Ave 12 Unit Apartment Building $2,311,268 CAD ($192,606 CAD/Unit) 6.90% Cap Rate South Lake Tahoe, CA 96150
Investment Highlights
- • Turnkey opportunity in an excellent location
- • Stabilized apartment community
- • Pitched Roofs with cinder block and t1-11 siding
- • Large lot with open landscape for tenants
- • Parking lot and Laundry on site
- • Low vacancy market with tough barrier to entry
Executive Summary
Colliers Is pleased to present 2975 Sacramento Avenue and 851 Capistrano Ave, South Lake Tahoe, CA; a turn-key apartment property located in the world-renowned South Lake Tahoe region. The property is located less than ten minutes from Heavenly ski Village and Stateline Nevada. The complex was extensively remodeled on the exterior with light interior upgrades, while keeping a beautiful South Lake Tahoe look. Originally built in 1955/1958 and after a significant remodel it has the appearance of a newer apartment community that meets the gentrification rapidly occurring in South Lake Tahoe.
This 12-unit single-story multifamily community is on approximately 0.28 acres with around 4,835 +/- rentable square feet (confirm with city). The lot is very spacious with walking paths for the tenant’s enjoyment. The next owner can take advantage of California Senate Bill 1211 which is a law that expands the ability to build additional ADU’s on multifamily properties.
The unit mix consists of (1) 2-Bedroom unit, (4) 1-Bedroom units and (7) Studios. Upgrades include some granite kitchen countertops and new cabinets, new bathroom vanities, updated flooring in the kitchen, dining area, and living room with wall/heat air systems in the living area. Tenants are responsible for utilities within their living space; however, a new owner should consider implementing a Ratio Utility Billing System (RUBS). This would bill a portion of the common area charges (sewer, water, garbage, heating of master water heater) to the residents which is more common now in California with charges ranging between $50-100 per unit on top of the monthly rent.
This 12-unit single-story multifamily community is on approximately 0.28 acres with around 4,835 +/- rentable square feet (confirm with city). The lot is very spacious with walking paths for the tenant’s enjoyment. The next owner can take advantage of California Senate Bill 1211 which is a law that expands the ability to build additional ADU’s on multifamily properties.
The unit mix consists of (1) 2-Bedroom unit, (4) 1-Bedroom units and (7) Studios. Upgrades include some granite kitchen countertops and new cabinets, new bathroom vanities, updated flooring in the kitchen, dining area, and living room with wall/heat air systems in the living area. Tenants are responsible for utilities within their living space; however, a new owner should consider implementing a Ratio Utility Billing System (RUBS). This would bill a portion of the common area charges (sewer, water, garbage, heating of master water heater) to the residents which is more common now in California with charges ranging between $50-100 per unit on top of the monthly rent.
Property Facts
| Price | $2,311,268 CAD | Building Class | C |
| Price Per Unit | $192,606 CAD | Lot Size | 0.28 AC |
| Sale Type | Investment | Building Size | 4,835 SF |
| Cap Rate | 6.90% | Average Occupancy | 100% |
| Gross Rent Multiplier | 8.49 | No. Stories | 1 |
| No. Units | 12 | Year Built | 1958 |
| Property Type | Multifamily | Parking Ratio | 2.07/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | MDR | ||
| Price | $2,311,268 CAD |
| Price Per Unit | $192,606 CAD |
| Sale Type | Investment |
| Cap Rate | 6.90% |
| Gross Rent Multiplier | 8.49 |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.28 AC |
| Building Size | 4,835 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 1958 |
| Parking Ratio | 2.07/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | MDR |
Amenities
- Smoke Detector
Unit Amenities
- Dishwasher
- Disposal
- Microwave
- Storage Space
- Heating
- Ceiling Fans
- Tile Floors
- Kitchen
- Hardwood Floors
- High Speed Internet Access
- Ice Maker
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Tub/Shower
- Double Pane Windows
- Freezer
- Vinyl Flooring
Site Amenities
- 24 Hour Access
- Courtyard
- Laundry Facilities
- Tenant Controlled HVAC
- Wi-Fi
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 7 | $1,698 CAD | 345 |
| 1+1 | 4 | $1,991 CAD | 420 |
| 2+1 | 1 | $2,652 CAD | 750 |
Bike Score®
Very Bikeable (85)
Property Taxes
| Parcel Numbers | Improvements Assessment | $1,599,479 CAD | |
| Land Assessment | $486,798 CAD | Total Assessment | $2,086,277 CAD |
Property Taxes
Parcel Numbers
Land Assessment
$486,798 CAD
Improvements Assessment
$1,599,479 CAD
Total Assessment
$2,086,277 CAD
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2975 Sacramento Ave
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